http://www.legislation.gov.uk/ukpga/1988/39/section/136Finance Act 1988An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.1988-07-29texttext/xmlenStatute Law Database2024-05-23Expert Participation2024-02-22
Part IV Miscellaneous and General Inheritance tax Reduction of rates.1361For the Table in Schedule 1 to the Inheritance Tax Act 1984 there shall be substituted— Table of Rates of Tax| Portion of value | Rate of tax |
|---|
| Lower limit | Upper limit | Per cent. |
|---|
| £ | £ | |
| 0 | 110,000 | Nil |
| 110,000 | | 40 |
2Subsection (1) above shall apply to any chargeable transfer made on or after 15th March 1988, and section 8(1) of the Inheritance Tax Act 1984 (indexation of rate bands) shall not apply to chargeable transfers made in the year beginning 6th April 1988.3Section 8(1A) of that Act shall cease to have effect.1984 c. 51. 1984 c. 51.